At a meeting of the Automobile Dealers Association of North Dakota, U.S. Sen. John Hoeven (R-ND) laid out the tax and regulatory relief benefits passed by Congress this year and how they will benefit auto dealers as well as small businesses.
“Providing relief in the tax code and from unnecessary federal rules has been a top priority throughout this session of Congress,” Hoeven said. “For our auto dealers, we passed my amendment allowing them to expense the interest on their inventory and have also repealed a CFPB rule that would have limited credit availability and increased costs for consumers. These efforts will ultimately benefit dealers, their employees, and consumers – a win across the board.”
These efforts, Hoeven said, could reduce operating costs for these businesses, allowing them to invest more back into the company, hire additional workers, and increase wages. It is the same view that saw the Federal Tax Cuts and Jobs Act passed in 2017, though the results have been mixed.
Hoeven also tried to bolster hopes for a new North American Free Trade Agreement (NAFTA), citing the now fast-tracked efforts being made on a preliminary agreement between the U.S. and Mexico. Talks with Canada have stalled for the moment, having missed a critical deadline for agreement last month.
Additionally, Hoeven noted that his time on the Senate-House farm bill conference committee would be focused on getting strong crop insurance, improvements to Agriculture Risk Coverage and Price Loss Coverage, greater trade access programs and more agricultural research. He is pushing for a strong farm bill, which he said will help bolster business growth elsewhere.